Ethereum’s much-awaited Bellatrix upgrade is complete on Tuesday and the system will move from proof-of-work to proof-of-stake. The network-wide Bellatrix transition will set the map for the rest of the upgrades. The Merge is expected to go live between September 10 to 20. Ethereum will switch over to the new method of validating transactions, ushering in a new era in the crypto sphere.
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Ethereum Bellatrix Merge
The Ethereum Merge is divided into a two-step process. The first is the Bellatrix upgrade which was successfully deployed at the counter towards a TTD threshold (terminal total difficulty) of 58750000000000000000000 in the measure of activity on the network.
The next upgrade ‘Paris’ will be initiated and the technical effects of the switch from PoW to PoS will open. After Paris is triggered, the Merge is only a few days away from being complete. However, the Ethereum foundation has not given an exact date for the Merge. Their latest blog suggests that the transition might be complete anywhere between September 15 to 20.
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Moreover, the Merge is the biggest event for the crypto industry this year and is the most anticipated transition. In the new proof-of-stake method, Ethereum will use much lesser energy consumption, which is 99.95 percent less, as per the foundation’s estimations.
Reports also state that gas fees will see a reduction post the Ethereum Merge and investors can initiate transactions at a nominal fee. However, we will have to wait and watch after the upgrade goes into fully live to confirm the gas fees on the network.
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The crypto industry has received its share of brickbats for high energy consumption calling it a threat to the environment. Nonetheless, things are changing for the good with energy-efficient Merge’s making it easy to initiate transactions. The Ethereum Merge is seen as both a technological and environmental advancement that brings confidence into the industry.